CME Group expands its Bitcoin, Ethereum derivatives product suite

CME Group is set to expand its Bitcoin and Ethereum product lineup from May 22 – subject to regulatory approval.

The world’s largest derivatives exchange said its new offerings would introduce shorter-term cryptocurrency options.

Currently, CME Group offers standard and micro BTC and ETH contracts. With the additional product offering, ten new weekly options will be available – representing contracts expiring Monday through Friday for both cryptocurrencies.

Similarly, four additional micro contracts for BTC and ETH will be offered for Tuesday and Thursday expiry.

Bitcoin and Ethereum activity on CME Group spikes

CME Group’s Global Head of Cryptocurrency Products, Giovanni Vicioso, said the new contracts give traders “greater precision and versatility in managing short-term bitcoin and ether price risk.”

The company said its Q1 2023 average Bitcoin and Ethereum notional daily volume exceeded $3 billion – denoting an uptick in demand for its cryptocurrency derivatives products.

Bitcoin futures and options average daily volume exceeded 11,500 contracts during the period. At the same time, open interest (OI) averaged 24,094 contracts – a new record.

The story was much the same with Ethereum products, having hit a record 311 options contracts traded on Feb. 22, with OI peaking at 1,800 contracts on March 24.

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